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Week Ending Aug. 21, 2009

 

Mortgage Fraud News

Case Activity

Aug. 19, 2009


Mortgage Litigation Today
Issues addressed in recent mortgage lawsuits include lending discrimination, mortgage fraud and political contributions by two of the country's biggest mortgage firms. In another case, a former employee of a failed reverse mortgage lender who was accused of stealing 56,000 mortgage leads has pleaded guilty.
read full story at MortgageDaily.com
Aug. 12, 2009


CA Legislation Addresses Mortgage Fraud
AB 764 and SB 94, which are likely to be passed by California's legislature, reportedly address mortgage fraud.
read full story at the Fresno Bee
Aug. 10, 2009


Reverse Mortgage Fraud Schemes
The Federal Bureau of Investigation said in its 2008 mortgage fraud report that senior citizens are being recruited through local churches, investment seminars and advertising to purchase distressed properties from straw buyers.
read story at MortgageDaily.com

Calif. Prosecutors Step Up Cases
A focus on mortgage fraud beginning two years ago has led to more criminal prosecutions by the El Dorado County district attorney.
read story at Sacramento Bee
Aug. 4, 2009


FHA Suspends Taylor Bean
Taylor, Bean and Whitaker Mortgage Corp. lost its FHA approval, while its Ginnie Mae servicing portfolio was seized. The company allegedly hid the fact that its own auditor uncovered potential mortgage fraud on government-insured loans and failed to disclose two state investigations during the past year.
read story from MortgageDaily.com
Aug. 3, 2009


Orange County Targets Mortgage Fraud
The district attorney in Orange County, Calif., said they plan to crack down on real estate fraud.
read full story from Examiner.com
July 31, 2009


Judge Accused of Bias in Foreclosure Case
A loan closed by Centex Home Equity Corporation, which now operates as Fortress Investment Group LLC subsidiary Nationstar Mortgage LLC, is at the center of allegations of bias by borrower Sun-Ming Sheu.
read full story at Black Star News
July 28, 2009


218 South Floridians Charged Since 2007
Since launching a federal-state mortgage fraud initiative in September 2007, 218 people have been in schemes involving more than $268 million.
read Associated Press story
July 27, 2009


Miami-Dade 2nd Highest in Fraud Reports
With 5,155 reports of mortgage fraud, the Miami-Dade office of the FBI had the second-highest activity in the country during 2008.
read story at South Florida Business Journal
July 25, 2009


FL AG Concedes Did Nothing to Stop Fraud
Florida's attorney general conceded that his agency did little to stop the more than 50,000 cases of potentially illegal real estate flipping deals uncovered by the Herald-Tribune.
read story at Herald-Tribune
Date Defendants State Amount Overview News
Publication
Aug. 20 Bradley Aydelott, Roger Ritch, William McMahan, Jonathan Henderson, Carrie Snow TN $30,000,000 Guilty plea. Times-Gazette
Aug. 20 MARK M. BENUN NY $5,000,000 Indictment. LawFuel.com
Aug. 20 Jerome Shade Howard, Jerry Emerick MO $12,600,000 Guilty plea. FBI Announcement

Kansas City Business Journal

Aug. 20 Larry Nardelli, Neil Mohammad Husani FL $83,000,000 Defendant appeals judgment. Herald Tribune
Aug. 20 Gerald Wayne Snow Sr., Gerald Wayne Snow Jr. who is also known as Jerry Snow, Ayo Dineji Olaniyan, Gaile Diana Cates OK $11,000,000 Arraignment. The News On 6

Muskogee Phoenix

Tulsa World

Aug. 19 Eric R. Krahnke, Michael I. Striker, MN $4,000,000 Guilty plea for former owner of Worldwide Mortgage & Investments. Pioneer Press
Aug. 19 Kurt Fordham, Alexander J. Chaudhry, Ali Farahpour MD losses of
$60,000,000
Civil lawsuit in Metropolitan Money Store case. Daily Record
Aug. 19 Jake David Abegg Whitman AZ losses of
$1,000,000
Guilty plea. Associated Press

KPHO

East Valley Tribune

Aug. 19 Alma Preciado DC $350,000 Broker and former Bush delegate became a fugitive. Washington Times
Aug. 19 Herbert Steed NY $1,500,000 Indictment. New York Daily News
Aug. 18 Kristina Marie Cardwell VA restitution of
$708,339
66-month sentence for former attorney. Virginia RealEstateRama
Aug. 18 Oyekunle Ikudayisi, Oladipo Olafunmiloye MD losses of
$867,181
6-month sentence. Baynet.com

U.S. Attorney announcement

Aug. 18 George Guldi NY $82,000,000 Former legislator charged. Newsday
Aug. 17 Gary L. Killian CA $1,295,000 Appraiser surrendurs licence. Californian
Aug. 17 Robert Andrew Penn, Kevin M. Lafavers IN $12,500,000 Indictment. Chicago Tribune

WTHR 13 Eyewitness News

Associated Press

Indianapolis Star

Indiana RealEstateRama

Aug. 17 Terry Louis Lemke MN $1,000,000 Guilty plea by owner of All Metro Title. Minnesota Sun
April 15 Grant Gondrezick TX 24 homes and restitution of
$1,000,000
Guilty plea by former NBA player. Associated Press

Dallas Morning News


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